Six digital technology terms every CEO needs to know
Transformative digital technology such as artificial intelligence (AI), virtual reality and even the metaverse garner lots of press. As use cases build for these capabilities, it’s getting easier for business leaders to envision how they can be incorporated into their operations.
But what about a strategy for digital sobriety?
Does your technology roadmap plan for wireless value realization? Is your digital immune system (DIS) up to snuff?
These emerging practices and capabilities don’t receive as much buzz. However, they are no less of a game-changer for businesses.
The fact is, unless you have “information” or “technology” in your title, it can be challenging to keep up with the latest technology innovations — to say nothing of understanding how they will affect your business.
With that in mind, here are six current and up-and-coming digital technology trends that every CEO should have on their radar:
Digital immune systems
Just as a healthy immune system protects the body from infection, a DIS safeguards your digital infrastructure against disruption. A DIS brings together an array of technologies and practices ranging from AI-augmented testing to chaos engineering to make business-critical systems more resilient. As a result, systems can recover more quickly from interruption.
Gartner estimates that by 2025, organizations that invest in digital immunity will decrease downtime by 80% — and thus increase customer satisfaction. A DIS will soon become a must-have as systems become more complex and customers increasingly base their purchasing decisions on a superior user experience.
Digital sobriety
We tend to think of our shift to digital as a plus for the environment and that by doing more online, we’re consuming fewer natural resources. In reality though, all of our processing, transmitting and storage of data requires a tremendous amount of energy.
Digital sobriety is the act of managing IT to reduce your carbon footprint. The practice calls for increasing the efficiency and performance of your IT assets and maintaining your IT system in an ecofriendly format.
This is the next frontier in fighting climate change, and businesses will need to be ready to incorporate IT into their environmental, social and governance plans.
Robotic process automation (RPA)
Most people think of bots as irritating little pop-up chat windows. But with RPA, businesses can put bots to work automating repetitive, time-consuming, rules-based and error-prone processes and workflows.
More than just an automated process, RPA bots interact with the software much the way a human would — only faster and with greater accuracy. The bots have the capability to learn and adapt and can interact with multiple applications at once. RPA is an essential tool for improving operational efficiencies, reducing errors, gaining greater transparency into your business and even boosting employee morale.
Superapps
If apps are like multiple standalone retail stores, then a superapp is a mall with everything you need under one roof. Superapps (or super-apps or super apps) are ecosystems that offer multiple services or capabilities on one platform. Instead of downloading and managing multiple individual apps, superapp users have seamless access to integrated offerings — such as financial services, social networking and e-commerce — all with one sign-on.
They are already widely used in Asia, and Gartner estimates that 50% of the global population will be active daily users of superapps by 2027. That means superapps could factor into your market strategy in the near future.
Web3
We are in the next evolution of the internet: Web3. Didn’t realize we are on the third iteration? You’re not alone. Web 1.0 was basically a bulletin board, and Web 2.0 saw the rise of platforms that enabled users to create and share content. In Web3, users will be able to create, own and sell content without major corporate intermediaries.
Built on blockchain, cryptocurrency, non-fungible tokens and decentralized autonomous organizations, Web3 will give users more ownership and power over their content and interactions.
Although we aren’t fully there yet, businesses need to start paying attention to how different industries are carving out space using Web3 technologies.
Wireless value realization
Next-generation wireless technology is capable of so much more than just communication. Wireless value realization is the harnessing of these capabilities to create value in new contexts. For example, ultra-low-power wireless technology can be paired with RFID capabilities to track goods and people.
Or the technology could be used with sensors to optimize equipment or vehicle performance.
Capitalizing on the full potential of wireless technology requires a comprehensive infrastructure strategy. But companies that do the work will benefit from lower capital costs, increased system reliability, higher productivity and greater visibility into their operations, among other advantages.
How Wipfli can help
Understanding current and emerging trends is one thing. Identifying which trends you need to be ready for is another. Taking the next steps requires a team that is well versed in both what’s possible and what’s practical to ensure that your technology investments support your needs and goals.
Our experienced advisors can help you make sense of these and other trends so that you’re ready for what comes next.
Learn more about our digital services or check out these additional resources:
- Quiz: What state of digital transformation are you in?
- Your digital transformation journey: More than a tech upgrade
- Growing the tech talent needed for digital transformation
